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School of Accountancy

ACCT 2111
Introductory Financial Accounting
(First Term, 2010-2011)

This course is designed to provide students with a comprehensive understanding of financial accounting
principles, practices and its underlying theories. In this course, we will emphasize on basic financial accounting
concepts and principles, and discuss how to measure companys net income, assets, liabilities and shareholders
equity using Generally Accepted Accounting Principles (GAAP).

Weygandt, Kimmel and Kieso, Financial Accounting, J ohn Wiley, 6
edition, 2010 with IFRS Update. ISBN

J effrey Waybright, and Robert Kemp, Financial Accounting, Pearson, 2010. ISBN 978-0-13-706779-4

Course grade will be based on the following elements:

Uniform Final Exam 50%
Mid-term Exam 35%
Class Participation, Quiz & Homework (individual) 10%
Group Assignment (team) 5%
Total 100%

A uniform closed-book final comprehensive examination will be given to all ACCT2111 students on the location
and date assigned by the University. No individual make-up examination will be offered.

Quizzes might be given during the term. No make-up quiz will be allowed.

Students can obtain marks in participation by actively involved in the class (e.g. offering a solution to an in-class
question, asking questions during the break time or after class, or making good comments on the class material),
by submitting homeworks on time, and by taking the quizzes.

Students are required to submit all assigned homework for grading. No late homework will be accepted. Late or
missing homeworks are subjected to point deduction. It is students responsibility to make sure that all
homeworks are submitted on time. Students can have access to the solution manual only after homework
assignments have been graded.

GROUP ASSIGNMENT Annual Report Project
The objective of this project is to help students pull together various accounting concepts learned in this course
and apply them to real-world business situations.

Students will be organized in small groups of around 5 students each. Each group is required to conduct online
research for some selected public listed companies in Hong Kong. Students, working together as a team, need to
gather the background information and the most recent annual reports from the web sites of the selected
companies. Students are required to work systematic through the annual report to develop a critical analysis to
assess the financial health of the selected companies, including perform of comparative analysis, and the use of
horizontal analysis, vertical analysis and ratio analysis.


Accounting is a do-it-yourself course. Self-study is as important as the lecture. The minimum required study
time outside the classroom is six hours each week. The best way for self-study is to focus on the textbook and
lecture notes. Careful reading and exercises are the only ways to understand the course material. Students are
encouraged to work on more exercises and problems at the end of each chapter. Checklist of key figures (if any) is
provided for each problem in the textbook In addition, students are strongly encouraged to visit our Teaching
Assistant for further assistance.

Course Study Outcomes
After completing this course, students should be able to:
(1) Understand the accounting concepts and procedures, and to apply them to the business world.
(2) Develop skills and increase their ability to solve problems that they will need to succeed in a business
(3) Learn the technology that allows them access to numerous online materials relating the real world of
accounting and business.
(4) Learn how to study and manage their own tasks that will help them acquire further knowledge on their own.

Mobile phones and pagers must be switched off, and no eating or drinking is allowed during class.

The Chinese University of Hong Kong places very high importance on honesty in academic work submitted by
students, and adopts a policy of zero tolerance on cheating and plagiarism. Any related offence will lead to
disciplinary action including termination of studies at the University. Attention is drawn to University policy and
regulations on honesty in academic work, and to the disciplinary guidelines and procedures applicable to breaches
of such policy and regulations.
Details may be found at

Detailed Course Syllabuses
Chapter Remarks
1 To prepare a complete Statement of Cash Flow is not required in ACCT 2111

3 Exclude Appendix: pp. 117 120

4 Exclude Using a Work Sheet: pp. 144 150;
Exclude Appendix: Reversing Entries: pp. 171 173;
Depreciation details are deferred to Ch. 10

5 Exclude Appendix 5B: pp. 222-224

8 Exclude Internal Control: pp. 340 347;
Exclude Cash Controls: pp. 347 352

10 Exclude Appendix pp.452 454

11 Exclude Taxes payable: pp.476 478;
Exclude Bonds: pp. 483 492,
Exclude Appendix 11A, 11B and 11C; pp.500 513

12 Exclude Sec. 3: Retained Earnings, pp.560 -564;
Exclude Appendix: 12A & 12B, pp.570 573

15 Exclude pp.717 -722